How to get results depending of a text in other column?

Attached is my excel file, what i am trying to do is in column P.
Depending on the supplier, column I, I need an abbreviation in column P, example;
if Axis PEC is the supplier I want PEC to appear in column P,
if Farnell is the supplier then I want FA in column P,
if supplier is FIRST4MAGNETS, I want F4M in column P

the possibility could be 150+ different suppliers though so obviously can’t do it with a IF stament, which is the only way I know so that’s out the question, is this possible and if so, how can I, or am I expecting too much from excel this time?

if you can help me would be forever grateful.

side note, i would be wanting to do a similiar thing in column Q, to generate either letter B or M depending on the supplier. but i figure once my original question is answered i can rework it to do this as well.

thanks for reading


EDIT: sorry if this is in the wrong area.
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well i'd moan that im gettin told my title sucks but you gave me the perfect solution to my problem so i cant moan.

sorry for my lack of sticking to rules, in a rush to get an answer, which as i said very grateful for, thank you.

and i see you're from warrington, which is where i currently live, but nvm about that.

thanks again.